FAQ on Form 1098-T Reporting

An audit report published in the fall of 2010 by the Treasury Inspector General for Tax Administration (TIGTA) identified 2.1 million taxpayers who may be receiving $ 3.2 billion in erroneously-claimed education tax credits.

In an effort to help institutions manage the 1098-T, NACUBO hosted a webcast, Form 1098-T Reporting Refresher, on November 17, 2011. Presenters Linda Combs, director, University Business Office at James Madison University, and Barbara Morris, director of Tax and Payroll Services at Johns Hopkins University, offered their expertise and guidance during the session. The program gave an overview of the education tax credits, determining which students receive a form, a walk-through explanation for completing the form , as well as a discussion of several aspects of reporting including definitions of qualified tuition and related expenses, electronic delivery, and follow-up resources on the topic.

More than 350 questions were submitted during the webcast. Presenters, along with NACUBO staff Anne Gross, vice president, regulatory affairs, and Mary Bachinger, director, tax policy, developed a post-event resource for participants that is now available online.